Wondershare(SZ:300624)2024-08-16 07:00Investment Rating - The report maintains a "Recommended" rating for the company [1][4] Core Views - The company reported a revenue of 705 million yuan in the first half of 2024, a decrease of 1.80% year-on-year, with a net profit attributable to shareholders of 24 million yuan, down 43.99% [1] - The revenue structure shows a slight increase in video creative business, while other segments experienced declines [1] - The company is facing pressure on performance due to significant growth in AI-related costs, leading to a decrease in gross margin [1] - Continuous innovation and upgrades in AIGC (AI Generated Content) are enhancing product competitiveness [1] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 705 million yuan, with a net profit of 24 million yuan and a net cash flow from operating activities of 10 million yuan [1] - The revenue from video creative business was 461 million yuan, up 1.01%, while practical tools and drawing creative businesses saw declines of 5.02% and 10% respectively [1] - The overseas market contributed 641 million yuan, accounting for 91% of total revenue, while domestic revenue was 64 million yuan, down 8.57% [1] - The overall gross margin was 93.88%, a decrease of 1.51% year-on-year, with operating costs rising by 32.62% [1] - The company plans to achieve revenues of 1.54 billion yuan, 1.65 billion yuan, and 1.81 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 3.83%, 7.03%, and 9.79% [4]